Former executives from the now-closed digital health company Pear Therapeutics have initiated a new venture capital firm named T.rx Capital, which grants early access to emerging startups established by the accomplished biotech entrepreneur Bob Langer. The founders of the new firm, Corey McCann, former CEO of Pear, and Michael Langer, former head of licensing at Pear and son of Bob Langer, launched T.rx Capital earlier this year. They've set a $175 million cap for their initial fund.
T.rx Capital's focus is on investing in therapeutics and digital health products by creating new companies and considering pitches from early-stage startups. The firm has onboarded Liz Kwo from Everly Health and Debbie Lin from Caris Life Sciences as venture partners. Additionally, Kwesi Frimpong-Boateng, a member of the business development team at Eli Lilly, is joining T.rx's founding team.
Bob Langer, renowned for his involvement in over 40 biotech startups including Moderna and PureTech Health, is celebrated for his contributions to the field. He holds numerous patents that have been licensed to hundreds of pharmaceutical, chemical, biotechnology, and medical device companies.
The establishment of T.rx Capital occurred shortly before Pear Therapeutics filed for bankruptcy. Pear, which worked on software-based medicines or digital therapeutics, experienced financial challenges due to difficulties in obtaining reimbursement from insurance payers. In 2022, the company faced financial strain, burning over $100 million while narrowly missing revenue targets.
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